ANZ Bank wants to sell off its online broker platform

By

Rebadged E*Trade software goes out to market.

ANZ Bank is looking to sell off its online share trading platform in favour of a move to a third-party provider, the bank confirmed today following months of speculation. 

ANZ Bank wants to sell off its online broker platform

The bank rebadged the 18-year-old online stockbroker several months ago from E*Trade to ANZ Share Investing in what was widely speculated to be preparation for an eventual sale. 

The proprietary trading platform offers entry-level investors access to shares, EFTs, initial public offerings (IPOs), and options, among other things.

It is expected to sell for as much as ten times its earnings at $250 million.

ANZ pensions and investments boss Peter Mullin said moving to an outsourced model would allow the bank to give customers a "market leading share trading platform at a competitive price".

"As we have seen with ANZ's recent introduction of Apple Pay and Android Pay, the days of a bank needing to own every piece of technology are gone," Mullin said in a statement. 

"We believe we can achieve better outcomes for our customers by partnering with a specialist provider committed to the technology investment and product innovation needed to provide a world-class offering."

ANZ said the sale process would take several months to finalise.

The bank has been contacted for more detail.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:

Most Read Articles

ADHA readies market test of Accenture's $788m My Health Record deal

ADHA readies market test of Accenture's $788m My Health Record deal

Western Sydney University establishes dedicated data function

Western Sydney University establishes dedicated data function

Microsoft to cut about four percent of jobs amid hefty AI bets

Microsoft to cut about four percent of jobs amid hefty AI bets

DeepSeek faces ban from Apple, Google app stores in Germany

DeepSeek faces ban from Apple, Google app stores in Germany

Log In

  |  Forgot your password?